LEAMINGTON SPA: Wolseley UK has just announced the sale of its Encon business in a management buy-out led by managing director Stuart Moore for an undisclosed amount.
Encon employs around 560 people and operates through a national network of 24 locations. In the year ended 31 July 2011, its turnover was £194m.
Wolseley UK announced internally its intention to sell Encon on 25 July 2011, having taken the decision that the market in which Encon operates is no longer part of its core strategic business activities.
Wolseley UK's managing director Steve Ashmore said:"This decision has not been taken lightly as Encon is a sound and well-run business, but we believe it offers the best way forward for Encon and its employees under the leadership of Stuart Moore. It is also fully aligned to Wolseley UK's strategic objectives to focus on being the best merchants in our chosen core markets."
Stuart Moore added:"As the new owner of Encon, I believe we have an excellent opportunity to drive the business forward and I truly believe we have an exciting journey ahead of us".
